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    bc977's Avatar
    bc977 Posts: 5, Reputation: 1
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    #1

    Apr 14, 2008, 07:12 AM
    Can you roll the rest of you Mobile home into a new house?
    I was wondering if you can take whatever you owe on a mobile home and add it to a Home loan? Our Mobile home park has tons and tons of homes for sale, and majority of them are bank re-pos, it is getting harder and harder to sell our mobile home. So a little birdie told me the if a house is appraised for 200,000 and you buy it for 150,000, you can roll whatever you owe on the mobile home into the home loan, just need to know if that is true?
    Thank you :eek:
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Apr 14, 2008, 02:28 PM
    You think if you buy a house for $150K that someone will loan you $200K on it? Not likely.
    tlhen51's Avatar
    tlhen51 Posts: 9, Reputation: 1
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    #3

    Apr 14, 2008, 06:33 PM
    I don't think it would be a very good idea to include a mobile home in a new home loan. For one thing you will be locking the balance you owe into a 30 year loan. If you ever want to sell the mobile home you wouldn't be able to because it is in with your home loan. A better solution would be to keep the mobile home and rent it out. You could then qualify for financing on your new home by showing a lease agreement for the mobile home with rent in excess of what your payments are being sure to include any amount you owe for tax and insurance each year. You may consider a "lease purchase" but you need to consult with a real estate attorney and make sure you cover yourself. Good luck!
    bc977's Avatar
    bc977 Posts: 5, Reputation: 1
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    #4

    Apr 15, 2008, 10:27 AM
    I wish we could rent out our mobile home, but in our park we are not allowed to rent out to anyone. So we are stuck with this until we sell it, plus our park already has tons of bank Re-po's in here and ones that are for sale too. Thanks for responding, we will come up with a solution soon.
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